- Nov 19, 2014
- 9,229
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Interesting take. I PM’d Concrete in the beginning and he gave the same advice: dont pay anything extra and invest it.
It technically dropped the payment $420 per month.
A big part of me doesn’t like extending it out another 15 years, especially when 11.5 years is easily achievable. It’s really peanuts in interest saved, but I was thinking more about “time”.
FWIW I was NOT giving you that advice. The nice rate comment was genuine and the story about people cash out refi-ing was true. I would never advise anyone NOT to pay the house off asap, unless there was some tax/other benefit not to. Extending duration just to lower the monthly payment is, to be kind, fool's gold. you end up paying much more over time.